Different Ways to Pay

A paper transaction giving a bank permission to transfer payment from your account to another account is not a definition of a......?

• Cheque

• Standing Order

• Direct debit

• Electronic Transfer

Permission given to the bank (without a mandate) to make regular payments to a third party upon request is a definition of?

• Standing Order

• Direct debit

• Mobile banking

• Electronic Transfer

A cash balance is held on a card which then reduces each time a transaction takes place e.g. school lunch card

• Credit Card

• Store Card

• Pre paid card

• Charge Card

Permission given to the bank to make regular payments, of a set amount, to a third party upon request

• Standing Order

• Direct Debit

A Direct Debit and a Standing Order both involve permission being given to make regular payments to a third party. But, what is the difference between the two?

• A Standing order involves a set amount but a Direct Debit does not

• A Direct Debit involves a set amount but a Standing Order does not

Can only be used for a specific purpose is a disadvantage of which method of payment?

• Standing Order

• Pre paid Cards

• Direct Debit

• Electronic Transfer

Can only be set up by the organisation to which you're making the payment. This is a feature of a.........?

• Standing Order

• Direct debit

Signing a mandate that gives a company permission to take funds from your account in an agreed way – like a monthly gym membership or your mobile phone bill is a feature of........?

• Direct Debit

• Standing Order

You have to repay the full bill by the repayment date shown on the statement– you don’t get the option to just pay part of it. This is a feature of ..........

• Credit Card

• Store Card

• Charge Card

If you don’t pay your bill, you’re in trouble. The late payment fees are likely to be much more than the interest on credit card debt. This is a feature of a .............?

• Store Card

• Charge Card